The Minister of Steel Development, Prince Shuaibu Audu has unveiled plans to secure between $3-5 billion to rejuvenate the Ajaokuta Steel Complex, aligning with the ‘Renewed Hope’ agenda of President Bola Tinubu.
This revelation came during a meeting with a delegation from the People Expertise and Excellence Foundation at the ministry’s headquarters in Abuja.
Audu emphasised the critical need for funding to revitalise Ajaokuta, asserting its potential to supply high-quality steel crucial for the nation’s industrialisation. He disclosed that the ministry is actively working on a three-year road map specifically for the Ajaokuta steel plant and a broader five-year road map to rejuvenate the entire steel sector.
Addressing the phased approach to reviving Ajaokuta, the minister stated that the Ministry is seeking financing to restart the light steel mill in Ajaokuta, focusing on iron rod production. The aim is to halt the importation of iron rods, simultaneously boosting foreign exchange reserves for the country.
The minister called upon all stakeholders to rise to the challenge of making the Nigerian Steel Sector a driving force for industrialisation, economic growth, reduced unemployment and an increased gross domestic product (GDP).
The permanent secretary of the Ministry of Steel Development and Ministry of Solid Minerals Development, Dr. Mary Ogbe, expressed gratitude to the foundation for offering valuable advice. She affirmed the ministry’s commitment to leaving a lasting impact on the steel sector.
Representing the chairman and acting chairman, BOT of the foundation, Alhaji Mashood Yusuf highlighted the foundation’s functions. These include collating and disseminating relevant up-to-date information on management trends, developing impact techniques for improved productivity and supporting skills development initiatives for the workforce in Nigeria and Africa.
Emphasising the foundation’s belief in the pivotal role of steel production in industrialisation, Yusuf asserted that meeting the nation’s infrastructural needs requires significant steel quantities. PEEF is optimistic about meeting these demands locally by restoring existing steel plants and leveraging Nigeria’s abundant resources.
